Card Not Present (CNP), also called "key entered, or keyed-in", refers to any transaction that occurs when the card being used is not physically present.
The most common examples of card-not-present transactions include: purchases made on the phone or online.
Card-not-present transactions differ from card-present transactions in two fundamental ways: risk & reward.
A merchant with no physical access to a credit card being used for a transaction inherently increases the potential/opportunity for fraud.
Merchants with the ability to sell to consumers who are not present, and/or their credit card is not present, presents incredible upside benefits, primarily in the form of convenience.
Just how much upside? In 2019, retail e-commerce sales worldwide amounted to 3.53 trillion US dollars and e-retail revenues are projected to grow to 6.54 trillion US dollars in 2022. Online shopping is one of the most popular online activities worldwide.(source)
Because of the inherent risk with card-not-present transactions, there are certain mandatory requirements when processing a CNP transaction.
Card information required for processing a CNP transaction includes:
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